• Round size vs peers

  In line with the typical Series D round.

• Syndicate size

  Party round (16 investors) — diffuse ownership and signal.

• Insider conviction

  All-new money — no prior investors re-upped.

• Investor track record

  A mix of established and emerging investors.

• Valuation step-up

  Healthy 2.0× valuation step-up.

Heuristic read of round size vs peers, syndicate size, insider conviction, and investor track record. Not investment advice.